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Energy Market Insights: Trade War 2019

Our Executive Director of Energy Products, Jeff White discusses trade negotiations between United States and China and what impact traders can expect in the crude marketplace.

WTI Options Liquidity During Non-U.S. Hours

Highlights:

  • Over 80% of WTI Options (LO) volume electronically traded for almost two years.
  • 18% of total electronic LO volume was executed during non-U.S. hours while a record 50% of on-screen LO volume was executed via RFQ in Q1 2019.

New Expiration Rules for Options

Highlights:

The new options expirations rules include the elimination of contrary exercise instructions for all physically-settled Crude Oil, Natural Gas, Refined Products, and Metals options contracts that expire after January 1, 2018.  Brent (BZO), Coal, Power, and Emissions options are excluded.

In addition, for exact at-the-money settlements, the auto-exercise rule has changed. If the underlying settlement price falls exactly on a strike price at expiration, the at-the-money calls will be exercised and the at-the-money puts will be abandoned.

For More Information:

Clearing CME Globex Floor CME ClearPort Product Name Subgroup Exchange Volume Open Interest
LO LO - LO Crude Oil Options Crude Oil NYMEX 154,278 2,541,056
LN LNE - LN Natural Gas Options (European) Natural Gas NYMEX 37,591 1,619,627
LO4 LO4 - LO4 Crude Oil Weekly Options Wk 4 Crude Oil NYMEX 9,419 10,808
ON ON - ON Natural Gas Options (American) Natural Gas NYMEX 8,768 90,558
9C 9C - 9C Brent Crude Oil Last Day Financial Calendar Spread (1 Month) Options Crude Oil NYMEX 7,500 33,800
BZO BZO - BZO Brent Crude Oil Futures-Style Margin Option Crude Oil NYMEX 6,950 211,185
WA WAY - WA WTI Crude Oil 1 Month Calendar Spread Options Crude Oil NYMEX 6,500 526,781
AO AAO - AO WTI Average Price Options Crude Oil NYMEX 5,016 405,449
BE BE - BE Brent Last Day Financial (European) Options Crude Oil NYMEX 3,000 103,627
OB OB - OB RBOB Gasoline Options Refined Products NYMEX 1,381 23,896
Trade Date: 22 Apr 2019 | FINAL

Note: Volume and Open Interest data is from the previous trade date. Preliminary data updates at approximately 9:00 p.m. CT and the final update is at 10:00 a.m. CT next business day.

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